# Table 1b: CA Decomposition — Pre vs Post-GFC

| Variable | Pre-GFC: CA | Pre-GFC: Income | Post-GFC: CA | Post-GFC: Income |
|:---|---:|---:|---:|---:|
| Z_1 | 5.9954 | 55.6099*** | 8.3408 | 28.5965 |
| | (17.9736) | (20.9350) | (17.2895) | (20.2516) |
| Z_2 | -0.4714 | -8.2977*** | -0.8938 | -4.6945 |
| | (2.7433) | (3.1948) | (2.5380) | (2.9661) |
| Z_3 | 0.0033 | 0.3368** | 0.0273 | 0.2049* |
| | (0.1133) | (0.1318) | (0.1018) | (0.1189) |
|:---|---:|---:|---:|---:|
| N | 2512 | 2191 | 1580 | 1432 |
| R² | 0.1485 | 0.0932 | 0.2964 | 0.1935 |
| Countries | 159 | 144 | 160 | 148 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*